Daily Pivots: (S1) 1.3933; (P) 1.4033; (R1) 1.4084; More….
GBP/USD’s fall from 1.4248 resumed after brief recovery and intraday bias is back on the downside. Current development affirms the case that it’s now in the third leg in the consolidation pattern from 1.4248. Intraday bias is back on the downside for 1.3668/3800 support zone. On the upside, above 1.4131 minor resistance will turn bias back to the upside for 1.4248 resistance again.
In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications and target 38.2% retracement of 2.1161 (2007 high) to 1.1409 (2020 low) at 1.5134. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed and bring deeper fall to 1.2675 support and below.
